Alamo Group records record third quarter

After generating record profits in the second quarter, the Alamo Group Inc. did the same thing in the third quarter, overcoming weaknesses in two sectors it serves.

The Seguin-based manufacturer of right-of-way maintenance and agricultural equipment said profits for the third quarter reached $10.1 million, or 84 cents a share, compared to net income of $8.2 million, or 68 cents a share, in the third quarter of 2010.

Its net income set a record for the quater as did its sales, which reached $155.1 million, a 13 percent jump from the third quarter last year.

The company’s earnings report said sales in all three divisions - North American Industrial, North American Agricultural and European – increased during the quarter despite the budgetary constraints its governmental customers faced and continued economic weakness throughout Europe.

“While we are pleased with our performance in 2011, we remain cautious regarding the weak overall economic conditions and the continued lack of forward visibility in most of our markets,” Ron Robinson, Alamo Group’s president and CEO, said in a news release. “That said, we believe we are well structured to prosper in this environment and will continue to execute on our strategy of further developing our product lines while at the same time continuing to drive operational improvement within the business.”